Liquid Coralium is found in the Abyssal Wasteland instead of water. Pick it up with a bucket to generate this item.
Several rituals and machines listed in the Abyssal Necronomicon require this as a crafting component. The bucket is NOT consumed in the ritual. Instead, they will turn into Empty Buckets, allowing the player to collect more Liquid Coralium this way. Buckets of Liquid Coralium lets the player transport Liquid Coralium to any spot they desire. To Empty Liquid Coralium into the environment, right click on your desired block.
In a Transmutator, it is capable of Transmuting 100 items. The bucket is NOT consumed and will turn into an Empty Bucket upon Transmutation of the first item.
The player needs a Bucket of Liquid Coralium to craft a Transmutator, along with creating the Oblivion Deathbomb, or using it for its subsequent ritual.
In Rituals, a bucket of Liquid Coralium is needed to create one piece of the Depths Armor, along with being a key ingredient for Ritual of the Sleeper.
As Liquid Coralium is capable of polluting Water, the player can technically create an infinite source of Liquid Coralium using a generated pool of water in a large area, then polluting it with a single bucket of Liquid Coralium. This does not work in Ocean or Deep Ocean Biomes, as Cobblestone will mysteriously generate to barricade the pollution.